LUKOIL reduces oil export Jan-Jun due to higher domestic demand

During the first half of the year, export of oil products grew by 453,000 tonnes, or by 3.9 percent year-on-year

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MOSCOW, September 1 (Itar-Tass) - Russia’s LUKOIL Company reduced oil export during the first six months by 10.8 percent year-on-year, to 16.15 million tonnes.

During January-July, the company exported 38.6 percent of oil produced in Russia. LUKOIL lowered its export due to higher oil sales inside the country, the company said in its report.

During the first half of the year, export of oil products grew by 453,000 tonnes, or by 3.9 percent year-on-year. The company exported mostly diesel fuel, fuel oil and gas oil, where the share made about 89 percent of exported oil products, the report reads.

For July 2013, LUKOIL’s website reports figures of 2.2 percent of global crude oil production. It is the world’s largest privately owned oil and gas company rated on proven oil reserves; world’s fourth largest privately owned oil and gas company by oil production. It accounts for 16.6 percent of Russian crude oil production and 17.7 percent of Russian crude oil refining - one of the biggest Russian oil business groups with $133 billion revenue and net production projects in 12 countries and proven reserves at December 31, 2011 of 17.3 billion barrels of oil. Ninety-point-five percent of company’s proved reserves and the same volume of marketable hydrocarbon production are located in Russia.